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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, November 24, 2020, Vol. 21, No. 235

                           Headlines



A R G E N T I N A

ARGENTINA: Chubut Province Strikes Debt Deal With Creditors


B R A Z I L

EMBRAER SA: Signs Deal with EDP to Develop 100% Electric Airplane


C O L O M B I A

TERMOCANDELARIA POWER: S&P Alters Outlook to Neg, Affirms BB Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Snubs China, Embraces US
DOMINICAN REPUBLIC: Tourism Makes East Region Pricier


G U A T E M A L A

GUATEMALA: S&P Places 'BB-' Long-Term SCR on CreditWatch Negative


J A M A I C A

JAMAICA: BOJ Warns of Possible Inflation Breach Given Price Spike


N I C A R A G U A

NICARAGUA: IMF OKs US$185.32 Million in Emergency Support


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: No Quick Fix to Improving T&T's Capital

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Chubut Province Strikes Debt Deal With Creditors
-----------------------------------------------------------
Lucila Sigal at Reuters report that Argentina's Chubut Province
said it had struck a debt deal in principle with a majority of its
creditors after a successful sovereign debt restructuring earlier
this year opened the door for local governments to resolve their
regional crises.

Chubut and its bondholders will restructure $680 million in bonds
originally set to mature in 2026, exchanging them for bonds due in
July 2030, the province said in a statement, according to Reuters.

The agreement, yet to be finalized, features bonds backed by
provincial oil and gas royalties derived from operations throughout
the southern province in the Patagonia region, the report notes.

The province will require the consent of at least 75% of
bondholders to agree to the deal in order to make it stick, the
report relays.

The Chubut government said in a statement the agreement, if
approved, would provide "significant relief in debt service during
2021, 2022 and 2023," the report discloses.

Argentina's provinces from Buenos Aires to wine region Mendoza are
readying to revamp a combined $13 billion in debt, the report
relates.

The South American country's government restructured almost $110
billion in dollar debt earlier this year, dragging itself out of
default, a major victory after a standoff with creditors had
threatened to scupper a deal, the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



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B R A Z I L
===========

EMBRAER SA: Signs Deal with EDP to Develop 100% Electric Airplane
-----------------------------------------------------------------
Rio Times Online reports that Empresa Brasileira de Aeronautica SA
(Embraer), disclosed an agreement with the local subsidiary of
Portuguese energy company EDP for the research and development of
an electric aircraft.

Embraer released a statement saying that the first test flight of
the electric aircraft prototype is scheduled for 2021, according to
Rio Times Online.

"Through EDP's Smart division, the multinational of Portuguese
origin announced a financial contribution for the acquisition of an
energy storage and recharging technology solution for the
aircraft."

                     About Embraer SA

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Sept.
14, 2020, Fitch Ratings has assigned a 'BB+' rating to Embraer
Netherlands Finance B.V. proposed 2028 benchmark sized senior
unsecured bonds.  Embraer Netherlands Finance is a wholly owned
subsidiary of Embraer S.A. (Embraer).

On June 18, 2020, S&P Global Ratings lowered its ratings on Embraer
S.A. to 'BB+' from 'BBB-' and removed them from CreditWatch
negative. S&P also assigned a '4' recovery rating to Embraer's
senior unsecured notes. With the termination of the Master
Transaction Agreement (MTA) with Boeing and COVID-19 effects,
Embraer will post a shortfall in FOCF and high leverage metrics
this year, says S&P.



===============
C O L O M B I A
===============

TERMOCANDELARIA POWER: S&P Alters Outlook to Neg, Affirms BB Rating
-------------------------------------------------------------------
On Nov. 20, 2020, S&P Global Ratings revised the outlook on
Termocandelaria Power Ltd (TPL) to negative from stable and
affirmed the ratings at 'BB'.

The negative outlook reflects the likelihood of a downgrade in the
next six to nine months if it perceives that net debt to EBITDA
will remain in the 3.5x area in 2021. This could occur, for
example, if output remains below 3,500 gigawatt hours (GWh) per
year, which in turn can result from a lower energy demand due to
subdued economic activity, a second wave of COVID-19, or in case of
wet hydrological conditions.

The outlook revision reflects a consistent deterioration of TPL's
leverage metrics in 2020, raising net debt to EBITDA above 3.5x.
S&P could lower the ratings to 'BB-' if we don't observe any
recovery in EBITDA in 2021, such net debt to EBITDA remains at
about 3x.

After the outbreak of COVID- 19 in Colombia, the government
implemented shelter-in-place measures and shut down commercial,
industrial, service, and construction activities by mid-March.
These measures were gradually relaxed by the end of the second
quarter, and the adoption of safety protocols to resume the
construction and industrial activities enabled the return to
normalization without significant spikes in infections. Since
mid-March 2020, electricity demand has been below the Mining-Energy
Planning Unit (in Spanish: UPME; Unidad de Planeacion
Minero-Energetica) expected scenario. Energy demand decreased an
average of 5% between April and October. In turn, although the
weather conditions in Colombia during the first quarter were drier
than in the same quarter of 2019, the second and third quarters had
higher humidity conditions, which led to a drop in the dispatch of
thermal plants, such as TPL.

S&P said, "We believe that energy demand will consistently increase
as the impact of the pandemic on Colombia and the region
diminishes, particularly starting in the second half of 2021. In
addition, if the weather conditions will be drier than expected,
the dispatch of energy will further increase. We apply a positive
comparable rating modifier to reflect a transition, given that
TPL's net debt to EBITDA eroded because of the pandemic, but it
could improve by the end of 2021 to about 3x, which will be
consistent with the current 'BB' rating."

TPL's debt consists of the bond issued in January 2019, which the
company retapped in January 2020, totaling $596 million and
maturing in 2029. S&P's view of the adequate liquidity combines the
lack of significant amortizations and the company's cash position
of almost $197 million as of June 30, 2020. Liquidity enables TPL
to operate through this year, during which energy demand has
dropped. In turn, the cash position and cash flows will allow TPL
to finance the expansion capex for the re-powering of
Termocandelaria S.C.A. E.S.P. (TECAN; not rated) that will demand
$70 million - $75 million in 2020 and $100 million - $110 million
in 2021.

In February 2019, the Colombian Energy and Gas Regulatory
Commission awarded TPL's subsidiary, TECAN, a reliability charge, a
fixed income that compensates for TECAN's availability, after it
will be converted into a combined cycle gas turbine with an
installed capacity of about 560 megawatts (MW) from the current 324
MW open cycle gas turbine (OCGT). The remuneration will position
the plant to be dispatched in-merit (when the spot price is higher
than the marginal production costs of the respective plant,
allowing generators to sell their energy at a profit) at spot
prices. This will increase the load factor and enhance margins
through operating leverage.

The total investment is about $200 million and the plant's
conversion will be completed in April 2022, which is prior to the
commencement of operations date (COD) of Dec. 1, 2022, set by the
regulator.

So far, the conversion has been on track and the critical route has
not been impacted due to the pandemic or the lockdown, given that
key components are in site. During the first half of the year, the
overall progress of the conversion was 1.7% faster than what was
contractually agreed upon. The purchase orders for the steam
turbine, generator, heat recovery steam generators, bypass stack,
and exhaust duct system have been placed. The construction
subcontractor is currently working on the site and complying with
all the new safety protocols. Therefore, S&P considers that the
project could enter into operations slightly before the regulatory
COD date.

Once the cycle conversion ends, TECAN will start receiving a
reliability charge of about $30 million per year. The latter,
together with the existing reliability charges of TECAN and of the
other subsidiary, Termobarranquilla S.C.A. E.S.P. (TEBSA), will be
close to $200 million per year starting in 2023. This amount will
represent about 25% of TPL's consolidated revenue. This will help
mitigate the volatility associated with the company's merchant
commercial strategy.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Snubs China, Embraces US
--------------------------------------------
Dominican Today reports that after the Dominican government
desisted from an ambitious project managed and agreed with the
Chinese firm Huawei to improve the country's connectivity, it
pledged with Washington to boycott suppliers of 5G equipment
considered high risk, to safeguard the national security of both
countries.

In a meeting led by President Luis Abinader, his government made a
commitment with the Undersecretary of State for Economic
Development, Energy and the Environment, Keith Krach, on the
importance of securing telecom infrastructure and guaranteeing
supply chains of secure technologies based on reliable,
internationally accepted digital technology standards, through the
promotion of the so-called clean initiative, according to Dominican
Today.

                             Relations

The strategic move of the United States further limits relations
between China and the Dominican Republic, especially in matters
related to investment in strategic areas, the report notes.

With this initiative, the Dominican Republic joins more than 50
member countries of the so-called Clean Network, of which some 170
telecoms and tech companies are part around the world, the report
relays.

After a meeting held in the National Palace, the foreign minister
said that, "it is critical that the data traveling through the 5G
infrastructure of the Dominican Republic is secure. La Red Limpia
provides countries and companies with a reliable base to guarantee
the security of their most sensitive information."

Krach added "the participation of the Dominican Republic in the
Clean Network paves the way for the expansion of investments by the
US private sector and strengthens mutual guarantees for like-minded
partners in the region and other parts of the world," the report
adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).

DOMINICAN REPUBLIC: Tourism Makes East Region Pricier
-----------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic presented the change in the methodology to measure the
Consumer Price Index (CPI), which is based on the changes in
consumption that have been registered in the last 10 years in the
country.

Among the most profound has occurred in the eastern region of the
country, where tourism development has modified the habits of the
population of that area, according to Dominican Today.

Household spending on restaurants and hotels in that region
represents 10.37% of the total in the east, almost at the same
level as what they spend on housing, the report notes.

In general, the average Dominican household nationwide spends more
than half of its income on food, transportation and housing, as
indicated by the Central Bank, the report relays.


                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).



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G U A T E M A L A
=================

GUATEMALA: S&P Places 'BB-' Long-Term SCR on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term foreign currency and
'BB' long-term local currency sovereign credit ratings on Guatemala
on CreditWatch with negative implications. At the same time, S&P
affirmed its 'B' short-term foreign and local currency sovereign
credit ratings. The transfer and convertibility (T&C) assessment
remains 'BB+'.

CreditWatch

S&P said, "Our CreditWatch negative placement reflects the risk of
the Guatemalan government failing to make debt service payments as
a result of legal action taken against it stemming from a
commercial dispute with an electric distribution company called
TECO Guatemala Holdings (TECO). We could lower the ratings within
the next three months if the legal challenge impairs the
government's ability to service its debt service obligations.

"On the contrary, we could remove the ratings from CreditWatch if
we conclude that the threat to debt service payments posed by legal
challenges has receded."

Rationale

A commercial dispute between Guatemala and TECO led to a court
decision in the U.S. that blocked a payment on Guatemala's 2026
Eurobond. The claim by TECO commenced in 2009 as a commercial
dispute on electricity tariffs.

Due to the court ruling, Bank of New York Mellon (BNYM) did not
disburse a US$15.75 million coupon payment on a US$700 million 2026
Eurobond to bondholders on Nov. 3, even though the Guatemalan
government timely deposited the funds with BNYM. BNYM informed the
government that its account was subject to a restraining notice
from the U.S. court. The 2026 Eurobond coupon payment has a 30-day
grace period ending Dec. 3, 2020.

The Guatemalan government has indicated that it is taking steps to
resolve the dispute in order to unfreeze the funds held by BNYM.
S&P believes that the government has the willingness and financial
capacity to make this payment, although administrative or legal
bottlenecks could arise, which is reflected in the CreditWatch
negative.

Guatemala's solid external position, moderate general government
debt to GDP, and sound monetary policy constitute relative
strengths to the ratings. S&P's ratings on Guatemala also reflect
its view of still-developing governing public institutions and a
challenging political environment that constrains policymaking
effectiveness.




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J A M A I C A
=============

JAMAICA: BOJ Warns of Possible Inflation Breach Given Price Spike
-----------------------------------------------------------------
Durrant Pate at Jamaica Observer reports that The Bank of Jamaica
(BOJ) is warning of a possible breach in the upper six per cent
limit of its inflation target with rising prices expected to come
in the December 2020 and March 2021 quarters.

At the same time, the BOJ is projecting a worsening economic
contraction for 2020/2021 of 10-12 per cent, down from the
originally projected 7-10 per cent, according to Jamaica Observer.
This worsening projection by the BOJ is indicative of the economic
strain brought on by COVID-19 and adverse weather conditions, the
report relays.

Speaking at the bank's quarterly monetary press conference,
Governor Richard Byles anticipated that consumer prices will rise
over the next three quarters, the report discloses.  For the
current December 2020 quarter, inflation is projected at 5.5 - 6.5
per cent, exceeding the central bank's target of 4-6 per cent this
fiscal year with the target being breached even further in the
March 2021 quarter with the projected out-turn of 6.0 - 7.0 per
cent, the report says.

                 Worse Than Projected Inflation

However, for the June 2021 quarter, inflation is expected to rise
within the 4.0 - 5.0 per cent band, the report notes.  The worse
than projected inflation out-turn is primarily underpinned by the
impact of the recent heavy rains on agricultural supplies and
prices, which is estimated to add approximately 1.0 per cent to the
inflation forecast for the financial year (FY) 2020/21, Jamaica
Observer relays.

The bank's contraction prediction is also predicated on the
assumption for increases in some regulated utility prices in the
December 2020 and the March 2021 quarters which, if they occur,
will contribute about 0.6 of a percentage point to inflation for
the fiscal year, the report discloses.

"We again stress that these spikes will be temporary and wish to
assure that, once we get through this blip, our forecast is for
inflation to remain within target over the next two years," Byles
told journalists.

As it regards contraction in the economy, the news from the BOJ
governor is not so good.  According to Byles, "we expect that the
worst is behind us with the June quarter contraction. Nonetheless,
our latest projection for FY 2020/21 is for real economic activity
to contract in the range 10 - 12 per cent, somewhat more than our
previous projection of 7 - 10 per cent," the report relates.

                      Projections For Rebound

Jamaica Observer notes that the BOJ is projecting that a partial
rebound of about 3 per cent growth will commence in FY2021/22 and
could possibly be as high as eight per cent if there is a strong
recovery in tourism.  However, the Jamaican economy is not expected
to return to pre-COVID-19 levels before at least FY2022/23, the
report relates.

Governor Byles said that "despite the fallout in economic activity,
the financial system has remained resilient throughout the
pandemic. Our regular assessment of deposit taking institutions'
(DTIs) balance sheets indicates that they are more than adequately
capitalised and in compliance with prudent liquidity standards,"
the report notes.

He stressed that loan quality for the system, while naturally
showing a small deterioration, remains well below the danger
threshold, the report relays.  Specifically, the ratio of
non-performing loans to total loans increased to 2.8 per cent in
September 2020 compared with 2.4 per cent in September 2019, well
below the benchmark of 10 per cent, the report says.

At the same time, DTIs' provisioning remains sufficient to
withstand credit losses. Byles promised that the BOJ will continue
to closely monitor the trends in loan quality given the heightened
risks, the report relates.

As it relates to the external accounts, Byles stressed that
notwithstanding the fallout in tourism flows, the bank is expecting
that the current account deficit of the balance of payments will
remain at sustainable levels of 2 - 4 per cent of gross domestic
product (GDP) over the next two years, the report notes.

This is better than previously expected, supported by stronger than
expected remittance inflows, a dramatic fall in imports as well as
lower levels of private capital outflows. As such, the BOJ governor
declared that "Jamaica's reserves remain healthy, with net
international reserves at end October amounting to approximately
US$2.9 billion," the report relays.

He pointed to the intervention measures rolled out by the BOJ over
the past few months to cushion the financial sector from the impact
of COVID-19 such as the provision of $76 billion (or about 4 per
cent of GDP) in Jamaica dollar liquidity support to the financial
system through various initiatives, the report notes.  These
included a special bond-buying programme, a reduction in the cash
reserve requirement and special bond repurchase facilities, the
report discloses.

In addition, the BOJ provided liquidity support in the form of hard
currency, which exceeded US$1.0 billion since March this year, the
report relates.  The bank also offered US dollar-indexed bonds to
investors seeking a hedge against exchange rate movements, the
report relays.

When asked by the Caribbean Business Report whether this liquidity
support is sufficient or will there be a necessity for additional
support, Governor Byles answered in the contrary, the report says.
The BOJ governor pointed out that based on his assessment the
support given is sufficient, explaining that most of the support
took place in the earlier period of the pandemic with very little
liquidity needed in these latter period, the report adds.

                       About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.



=================
N I C A R A G U A
=================

NICARAGUA: IMF OKs US$185.32 Million in Emergency Support
---------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved Nicaragua's request for emergency financial assistance for
a total amount of about US$185.32 million to help the country meet
urgent balance of payment needs stemming from the COVID-19
pandemic. This assistance is provided under two instruments: the
Rapid Credit Facility (RCF) equivalent to SDR 43.33 million (about
US$61.77 million, or 16.7 percent of quota), and the Rapid
Financing Instrument (RFI) equivalent to SDR 86.67 million (about
US$123.55 million or 33.3 percent of quota).

The pandemic comes on top of a two-year recession in Nicaragua.
Faced with sharply lower revenues and a severe tightening in
available financing, the COVID-19 crisis has added severe strains
to an already weak macroeconomic outlook. To alleviate the impact
on the most vulnerable, the authorities are scaling up public
health expenditure and social assistance.

The RCF/RFI financing would help to address urgent balance of
payments needs, provide resources to strengthen the health system
and support the population most affected by the pandemic, preserve
fiscal space and catalyze other concessional financing. Once the
crisis abates, the authorities intend to implement fiscal measures
to ensure debt sustainability and structural reforms to promote
inclusive growth.

The authorities have taken important actions to enhance fiscal
transparency, especially related to COVID-19 spending. The Ministry
of Finance has begun to publish the details of all COVID-19 related
spending and of all public procurement contracts on its website.
All COVID-19 related spending will be subject to an independent
external audit within a year. The government has also sought the
assistance of the United Nations Office for Project Services
(UNOPS) and the World Food Programme (WFP) for the execution of
emergency spending. The authorities have committed to transfer one
half of the emergency funds received from the IMF to both agencies.
The UNOPS will assist with the execution of health care spending,
while the WFP will implement an emergency agricultural-support
program to ensure adequate food supply.

Following the Executive Board's discussion on Nicaragua, Mitsuhiro
Furusawa, Deputy Managing Director and Acting Chair, issued the
following statement:

"The COVID-19 pandemic is exacerbating existing economic
challenges, creating additional urgent fiscal and balance of
payments needs. The IMF's emergency financing under the Rapid
Credit Facility and Rapid Financing Instrument will help address
the balance of payments need while financing increased health and
social spending. It will also catalyze further assistance from
other multilateral institutions, critical to close the remaining
financing gap and ease the adjustment burden.

"A widening of the budget deficit this year to preserve public
health and contain the economic impact of the pandemic is
appropriate. Continued commitment to enhance transparency in public
spending and ensure the good use of emergency financing remains
important. The authorities are committed to safeguard medium-term
debt sustainability and rebuild buffers once the pandemic abates.

"To facilitate the recovery and counter future shocks, the
authorities intend to maintain the accommodative monetary policy
stance and safeguard the stability of the financial system. They
are committed to making continued efforts to undertake structural
reforms over the medium term, including strengthening governance
and transparency, and tackling corruption."

As reported in the Troubled Company Reporter-Latin America on
April 28, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Nicaragua. The outlook on
the long-term ratings remains stable. S&P also affirmed its 'B-'
transfer and convertibility (T&C) assessment.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: No Quick Fix to Improving T&T's Capital
-----------------------------------------------------------
Trinidad Express reports that adjacent to the country's capital
city, to the east of Port of Spain, lies an area that some have
classified as a hotspot: from the hills of Laventille at its top;
through Beetham Gardens in the middle and Sea Lots at its south.

It's an area usually classified with high crime rates and
unemployment, according to Trinidad Express.

Fourteen years ago, a company of the same name--the East Port of
Spain Development Company (EPOS), was set up to regenerate the
area, the report notes.

The company was established at about the same time the capital's
Waterfront was being developed--a part of former prime minister
Patrick Manning's ambitious, modern vision for Port of Spain, the
report relays.

A limited liability company now under the Ministry of Housing and
Urban Development, the work of EPOS has been specific--to develop
and redevelop a zone in east Port of Spain, bounded by Charlotte
Street, Lady Young Road and the Eastern Main Road and including
Morvant, Never Dirty and Caledonia. The objective of the company is
to improve the economic, social and physical environment of those
areas, the report discloses.

Trinidad Express notes that there was no overnight fix for the area
and despite its mandate, the company isn't flush with money to
achieve its goals.

With a staff of 21, located in Laventille along the Eastern Main
Road, its disbursements from the State are relatively small, the
report says.

In 2020, it was allocated $15 million.

Chief executive Dr Deborah Austin, an urban planner by profession,
has had to make do, the report relays.

She's had projects to cater for the needs of the community:
building steps to provide better access to hills; installing
guttering along roofs of houses to capture rain water to meet the
needs of residents and, a ribbon-cutting ceremony was held for a
transport hub--essentially a shelter for people waiting for public
transportation from the area, the report says.

Prime Minister Dr Keith Rowley announced that the Government wanted
to revitalise the city which he said is in state of decay, the
report notes.  It is the 17th plan--between 1968 and 2015, there
were 16 others--to revitalise Port of Spain, the report relays.
This plan was presented by NLBA Architects and is to be undertaken
by the Urban Development Corporation of Trinidad and Tobago
(UDeCOTT) in conjunction with the Ministry of Planning and
Development, the report says.  The plan envisages a mix of public
and private investments, the creation of green spaces and a
steelband theatre on George Street, the report relays.

Trinidad Express notes that the revitalisation of Port of Spain,
said Dr Rowley, is a vital project in the Government's thrust to
foster and stimulate integrated national growth.

On a much smaller scale, Austin's work will dovetail with UDeCOTT's
overall regeneration plan, the report relays.

Does it speed up the time for her organisation's delivery?

Possibly, she acknowledged.

As an urban planner, she is cognisant that it will take time to
bring about city change, the report discloses.

                  Building Relationships

Her mandate, she explained, was not to impose a plan.

She has to have buy-in from the communities she serves. She started
building relationships with the key members of the communities,
looking for avenues to educate them into entrepreneurship and
improving their overall living conditions, Trinidad Express
relays.

"So given that mandate that we have, we set about first of all
trying to understand the area because we felt we couldn't start
planning for something that we didn't understand," she added.

To put it in further perspective, she observed that in the Book of
Trinidad, in the 1700s the city was described as a large,
overcrowded, unsanitary slum developing over the river and behind
the bridge, Trinidad Express relays.

"The problems that we have didn't happen overnight. We're talking a
few hundred years. And if that is the case, we can't expect to
solve them overnight or in 14 years, or in 20 years. It's going to
take a while to resolve those problems and that's why it requires a
very clear, comprehensive development strategy that is multifaceted
because the problems themselves are multifaceted," she added.

She observed that the area boasts the country's first housing
development in Gonzales, one of a few Martello towers still around
the world, and Cabildo, which is the seat of the Spanish
government, was actually at the bottom of Piccadilly Street,
Trinidad Express notes.

But the communities are challenged.

"We know about deficiencies and the physical infrastructure has
deteriorated over the years. The topography of the area's also
challenging. So we have the hills and some parts are very steep,
very rugged, very difficult to navigate and we have some areas that
lead out towards the sea, that are very flat, which are susceptible
to flooding.

"We have high levels of unemployment in some of the communities.
When we started doing our work, we were realising that some
communities have unemployment three times the national average,
some children were dropping out of secondary school and then, of
course, what the area tends to be known for its high levels of
crime," she added.

As for working in communities with gang members?

To Austin, they are people.

"We come across all different types of people. People are people. I
don't know who is a member of a gang, because I've never seen an ID
card that says, 'I'm a gang member'. I've never seen a label, so I
don't know who you are, I deal with you as a member of the
community.

"We are not looking at community leaders, we are looking at
representatives of the community. And we stay within the confines
of the law, and we expect people to treat us with that level of
respect in terms of what we're doing," she said.

She observed that about 50 per cent of the company's staff, come
from the communities that the company serves, the report relays.

                          Counting Gains

Dr Austin said that at one point, the area accounted for 30 per
cent of the serious crimes in T&T, the report notes.

"That is no longer the case. The more recent data is showing us
that those levels of crime have fallen. We can't say that the work
that we're doing is producing the results but we are seeing some
declines," she added.

To understand the community, she said, the members were invited to
discuss their own vision, the report relays.

"We wanted to know their living challenges. We wanted them to tell
us what do they see as their problems, and what was their vision
for their community. And then we started doing a series of
consultations in the communities, going out to people, talking to
them about what they would like to see, and we use that information
to start coming up with a development plan and a development
strategy for the transformation of it," she added.

She said the finalised plan will be presented to the Minister of
Housing and Urban Development, Pennelope Beckles in the coming
weeks, the report relays.

"The concept of the urban regeneration has been with us since 2007.
From the time we started putting the company together. Our approach
has always been multifaceted; so we are doing some physical
infrastructure projects that will improve the physical
infrastructure deficiencies. We are also doing a number of social
and economic programs.

She explained that one avenue to build capacity was in construction
in the area and the company employs small contractors from the area
who do jobs in the area, the report notes.

Furthermore, because of the location of the projects, large
contractors aren't interested, the report relays.

"We have a register of contractors, many of whom are from the area,
some are from outside of the area. And I am sure our contractors
register has exceeded 300.

She explained that getting them registered was a process.

"When we started doing work, we asked them to register and as you
walked through the registration forms, you see some of the gaps in
competencies. So we would score them. And we had an evaluation,"
she said, the report discloses.

She said launching a training programme became necessary, the
report relays.

"We trained over 75 contractors in various aspects of tendering and
procurement and managing their business, so that they are now
better positioned to tender for projects and be successful. And we
have hired many of them. And we have a requirement because we know
that unemployment is high in some of these communities, we require
the contractors to hire 75 per cent of the unskilled labour from
within the communities.

"So we are trying to keep the money and work within the
communities. In doing that, we are also fulfilling two parts of our
developmental mandate. One is to develop the infrastructure in the
area, but the other side is a human development side of it. So,
giving them the opportunity to work and to learn and to improve,
builds their skills, builds the capacity of the contracting firms
as well," she added.

Dr Austin says the revised plan for EPOS envisions the community as
"a network of healthy, safe, economically vibrant and sustainable
communities that are connected to each other and integrated into
Port of Spain and the rest of Trinidad, the report relays.

"Our work is comprehensive, it is strategic, it is evidence-based.
We collect information from the national census, from other sources
and we have to do our own surveys. And so, that's the vision that
we have for regeneration, it's a challenge we know it's possible,"
she added.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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